Azer Tag, Azerbaijan
Dec 14 2004

SIGNING CEREMONY OF SHAHDENIZ CREDIT AGREEMENT
[December 14, 2004, 18:46:20]

On 14 December, a ceremony of signing of Shah Deniz credit Agreement
was held at the Headquarters of the European Bank for Reconstruction
and Development in London, AzerTAj correspondent reports. President
of the Republic of Azerbaijan Ilham Aliyev attended the ceremony.

The Agreement package consists of two documents. The first one is a
credit agreement provides participation of the company
Azerbaijan-Shahdeniz – the affiliate to the State Oil Company of
Azerbaijan /SOCAR/ – in development of Shahdeniz project (10%). The
second one is a credit agreement to provide participation of another
SOCAR affiliate company Azerbaijan SCP Ltd. in construction of the
South Caucasus gas pipeline

The documents were signed by Deputy Prime Minister of Azerbaijan Abid
Sharifov, President of the State Oil Company of Azerbaijan Natig
Aliyev and EBRD Business Group Director Peter Reiniger.

Following the ceremony, President of Azerbaijan Ilham Aliyev
responded to the questions from journalists. Commenting on the
agreement signed, he said in particular that it would give the chance
to successfully complete the Shahdeniz project on transportation of
natural gas from Azerbaijan to Europe.

Responding to the question concerning the Armenia-Azerbaijan,
Nagorno-Karabakh problem, the Azerbaijani leader stated that the
conflict must be settled in the framework of the International law:
the Armenian armed forces must leave the occupied territories, and
the territorial integrity of Azerbaijan must be restored. The Head of
State stressed the issue of participation of Armenia in regional
project may not be considered until the conflict is resolved.

From: Emil Lazarian | Ararat NewsPress